Sanusi Insists On Removal Of Fuel Subsidy

The Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, says if government continues to subsidy petroleum products, it could spell economic doom for the country.

Sanusi spoke on behalf of himself and former Head of Civil Service of the Federation, Mr Stephen Orosanye, during their conferment of the Doctor of Science Degree by the University of Benin on Saturday in Benin.

I have been advised to stop talking about subsidy because it is unpopular.

“But I have always said that I will not shy away from taking unpopular decisions because economic decisions have to be taken on the basis of what is in the best long term interest of the economy, he said.

He said that when President Goodluck Jonathan, “talks for example on the need to remove petroleum subsidy, it does not mean a lack of sensitivity on the part of the government of the pain it will cause Nigerians.

“It will be a great economic difficult situation in a few years time if appropriate and difficult decisions are not taken now.”

He said “It is important for us as a country to take difficult economic decisions today that may be politically  unpalatable in order to secure the prosperity and stability of the economy and the future.”

Sanusi, therefore, urged the universities to “play a role in taking away  this debate from emotions and sentiments, into a debate based on economic reality.

“We have to face the fact that we cannot continue to live above our means.

It is important for us to take decisions now, otherwise our children and grandchildren are going to have a difficult situation where the future of the country may be mortgaged.”